MIAMI, Aug. 17,
2022 /PRNewswire/ -- Innovative Eyewear, Inc.
("Innovative Eyewear" or the "Company") (NASDAQ: LUCY;
LUCYW), a developer and retailer of cutting-edge
eyeglasses and sunglasses designed to allow the users to remain
connected to their digital lives, today announced the closing of
its previously announced initial public offering of 980,000 units
consisting of 980,000 shares of its common stock and 1,960,000
Warrants to purchase 1,960,000 shares of common stock at a combined
offering price of $7.50 per unit, for
gross proceeds of approximately $7.35
million, before deducting underwriting discounts and
offering expenses. Each share of common stock was sold together
with two Warrants, each Warrant to purchase one share of common
stock with an exercise price of $7.50
per share. In addition, the Company has granted the underwriters a
45-day option to purchase up to an additional 147,000 shares of
common stock and/or warrants to purchase up to an additional
294,000 shares of common stock to cover over-allotments, of which
Maxim Group LLC has exercised its option to purchase additional
warrants to purchase 294,000 shares of common stock.
The shares of common stock and warrants began trading on The
Nasdaq Capital Market on August 15,
2022, under the symbols "LUCY" and "LUCYW,"
respectively.
The Company intends to use substantially all of the net proceeds
from the offering for advancing its sales and marketing, expanding
inventory, updating and producing in-store displays, developing new
styles and sizes of the Company's smart eyewear, and for working
capital and other general corporate purposes.
Maxim Group LLC acted as the Sole book-running manager in
connection with the offering.
A registration statement on Form S-1, as amended (File No.
333-261616) was filed with the Securities and Exchange Commission
("SEC"), which became effective on August
12, 2022. A final prospectus relating to the offering
was filed with the SEC and is available on the SEC's website at
http://www.sec.gov. The offering was made only by means of a
prospectus forming part of the effective registration statement.
Electronic copies of the prospectus relating to this offering, may
be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor,
New York, New York 10022, at (212)
895-3745.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Innovative Eyewear,
Inc.
Innovative Eyewear is a developer and retailer of smart eyewear,
which are designed to allow the users to remain connected to their
digital lives, while also offering prescription eyewear and sun
protection. The Company believes that traditional frames, no matter
how attractive, do not possess the functionality that many eyeglass
wearers need and want. Smart eyewear is a multifunctional product
that addresses the needs of the optical, hearables and digital
assistant markets. We believe that the Company's products are well
positioned in this rapidly growing wearables ecosystem, with the
mission to Upgrade Your Eyewear®. For more information,
please visit www.lucyd.co.
Forward Looking
Statements
This press release contains certain forward-looking statements,
including those relating to the anticipated timing of completion of
the offering and other statements that are predictive in nature.
Forward-looking statements are based on the Company's current
expectations and assumptions. The Private Securities Litigation
Reform Act of 1995 provides a safe-harbor for forward-looking
statements. These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"anticipate," "believe," "continue," "estimate," "expect,"
"future," "intend," "may," "outlook," "plan," "potential,"
"predict," "project," "should," "will," "would" and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters, but the absence of
these words does not mean that a statement is not forward-looking.
These forward-looking statements include, but are not limited to,
statements regarding the intended use of proceeds. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise. Important factors that could cause actual results to
differ materially from those in the forward-looking statements are
set forth in the Company's filings with the Securities and Exchange
Commission, including its registration statement on Form S-1, as
amended from time to time, under the caption "Risk Factors."
Investor Relations Contact:
Scott Powell
Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com
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SOURCE Innovative Eyewear, Inc.